Avyens reports another “solid” quarter

Avyens has released its Q2 2024 financial results, showcasing a stable performance with several key financial metrics demonstrating resilience and growth amidst ongoing integration efforts with LeasePlan.

Commenting on the results, Tim Albertsen, CEO of Avyens, said: “Avyens had another solid quarter marked by sound financial performance and further progress on the integration of LeasePlan.

“Our Q2 2024 results confirm the financial upturn initiated at the beginning of the year with solid revenues, focusing on profitable growth and controlled costs.

Net income remained stable at €189 million, compared to €188 million in Q1 2024, with gross operating income stabilising at €785 million, a decrease of 1.1% compared to Q1 2024.

Avyens reported that earning assets increased by 9.5% year-on-year to €53.2 billion as at 30 June 2024. This increase was primarily driven by inflation on car prices and the transition to EVs, which have a higher value than ICE cars.

Ayvens’ total fleet remained broadly flat year-on-year at 3.373 million, a slight decrease of 0.4%, reflecting a commercial selective approach to restore margins.

Fleet management contracts decreased by -4.9% year-on-year, remaining broadly stable compared with March 2024, at 0.686 million vehicles as at 30 June 2024.

Full-service leasing contracts reached 2.686 million vehicles as at end June 2024, up 0.8% year-on-year on a like-for-like basis, and down -0.5% compared to March 2024.

EV penetration reached 39% of new passenger car registrations in Q2 2024, up from 36% in Q1 2024. Ayvens’ BEV and PHEV penetration stood at 26% and 13% respectively in Q2 2024.

Moving forward with LeasePlan integration

Avyens has made significant strides in its integration journey, receiving the Declaration of No-Objection (DNO) from the European Central Bank and the Dutch National Bank in March 2024. Legal integration has been completed in four countries, including France and the Netherlands, which collectively account for 31% of the Group’s funded fleet.

Rebranding is advancing, covering twenty entities, and IT migration has been successfully executed in three countries.

“Integration is moving forward and gaining momentum across the company,” noted Albertsen. “The Ayvens brand name is now live in twenty countries, and legal integration in key markets like France and the Netherlands has been completed.”

“We are also optimizing our procurement operations, insurance activities, commercial forces, and IT architecture, and have begun reaping the benefits of this integration journey. I am grateful to our teams for their unwavering commitment.”